Sustainability In Our Value Chain
Stakeholder engagement assists the Group address its social responsibility by providing an informed basis for its decisions.
The Group has a proactive and planned approach to stakeholder engagement based on our vision of creating and unlocking value for all our stakeholders. The Group’s approach to stakeholder engagement is that each business is responsible for managing its stakeholders by developing a concrete relationship that is based on trust and transparency
At Group level, all material issues and topics are assessed for their relevance and impacts on the Group’s broad stakeholders, corporate strategy and national context in relation to economic, environmental and social aspects. We achieve sustainable business success, by creating partnerships with all our stakeholders. Maintaining sustainable stakeholder relationships based on shared values of honesty, inclusivity and responsiveness contribute to trust and strong relational capital for the Group. Our stakeholder engagement strategy integrates with our risk and business development management.
Categories of Our Stakeholders
The Group’s stakeholder engagement framework categorises our stakeholders into internal and external:
- Internal Stakeholders:
Employees and shareholders.
The Group values employees as critical parts of its business model and strives to support their welfare and provide a conducive workplace. Our shareholders provide the financial capital for sustaining the business, hence we work to provide sustainable returns to their investment.
- External Stakeholders:
Customers, Suppliers, Financial Institution, Communities, Regulators and Government, Non-Profit Organisations and Business Partners.
The Group values its external stakeholders and is committed to providing the best possible products and services by ensuring that we continue to apply good quality, safety, social, environmental and health management practices across our business value chain.
Stakeholder Engagement Process
As part of the Group’s Stakeholder Engagement Process, each business within the Group records the engagements it has with its key stakeholders. This provides an overview of the issues at hand, allowing a business to respond with mitigating actions to resolve any grievances. The Group engages on a regular basis with its key stakeholders to encourage a transparent relationship that is based on trust.
During the course of F2023, the following key topics were identified as affecting the Group as an entity when engaging with its stakeholders:
- Business strategy reviews
Business strategies were reviewed quarterly to enable adaptation to emerging opportunities and risks.
- Product and price reviews
Customers and clients were engaged on the subject of changing products and pricing.
- Staff welfare and benefits
Staff benefits including pensions, mortgage loans and insurance packages were discussed and addressed through strategic discussion forums.
- Wages & salaries
Due to the prevailing socio-economic environment, in-house negotiations through Workers Councils and collective bargaining meetings were held with National Employment Councils (NEC), trade unions and regulatory authorities. Collective Bargaining Agreements were reached on the issue of wages and salaries.
- Currency (USD) issues
Meetings were held on the use of the United States Dollars for salaries and benefits.
- Economic Challenges
Meetings were held with regulatory authorities for the sharing of the impact of monetary policies and price controls. Regulatory authorities took note of concerns expressed.
- Import of raw materials
Regulatory authorities took note of concerns expressed that reduce the viability of business operations such as the economic constraints on importing raw materials.